Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
ONEOK Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover showed a declining trend from March 2018 through December 2020, dropping from 0.85 to a low of 0.45. Starting in the first quarter of 2021, a noticeable recovery began, with the ratio increasing steadily to peak at 1.15 in September 2022. This upward movement was followed by a slight decrease by mid-2023, settling at 0.95. This pattern suggests a period of declining efficiency in using fixed assets followed by an improvement, which may indicate better asset utilization or changes in capital investment policies over the recent years.
- Total Asset Turnover
- The total asset turnover exhibited a similarly declining pattern from March 2018 through December 2020, with the ratio decreasing from 0.69 to 0.37. From early 2021, the metric showed gradual improvement, climbing to a peak of 0.93 in September 2022. Subsequently, a moderate decline occurred, with the ratio falling to 0.80 by the second quarter of 2023. This trend reflects a period of decreasing overall asset efficiency, followed by a rebound and a slight decline afterward, indicating fluctuating effectiveness in asset utilization within the business operations.
- Equity Turnover
- The equity turnover ratio decreased from 1.91 in March 2018 to 1.40 by September 2020, indicating a reduction in sales generated per unit of shareholder equity during this period. Starting in 2021, a strong recovery was observed, with the ratio increasing dramatically to reach 3.61 in September 2022, the highest in the observed period. After this peak, the ratio tapered off to 2.66 by mid-2023. This sharp increase followed by a decline might reflect changes in leverage, shareholder equity, or sales dynamics, potentially driven by strategic financing decisions or market conditions impacting return on equity.
Net Fixed Asset Turnover
ONEOK Inc., net fixed asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 3,732) | 4,521) | 5,032) | 5,914) | 5,997) | 5,445) | 5,420) | 4,536) | 3,389) | 3,195) | 2,571) | 2,174) | 1,661) | 2,137) | 2,664) | 2,263) | 2,458) | 2,780) | 3,137) | 3,394) | 2,961) | 3,102) | |||||||
| Net property, plant and equipment | 20,229) | 20,040) | 19,953) | 19,790) | 19,601) | 19,425) | 19,320) | 19,222) | 19,182) | 19,125) | 19,155) | 19,029) | 18,981) | 18,629) | 18,349) | 17,363) | 16,336) | 15,518) | 14,767) | 13,961) | 13,304) | 12,878) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.95 | 1.07 | 1.12 | 1.15 | 1.09 | 0.97 | 0.86 | 0.71 | 0.59 | 0.50 | 0.45 | 0.45 | 0.46 | 0.51 | 0.55 | 0.61 | 0.72 | 0.79 | 0.85 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | 1.06 | 0.91 | 0.77 | 0.62 | 0.60 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | 0.71 | 0.64 | 0.51 | 0.39 | 0.47 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | 1.28 | 1.10 | 0.96 | 0.81 | 0.78 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 0.54 | 0.61 | 0.63 | 0.62 | 0.58 | 0.49 | 0.43 | 0.37 | 0.32 | 0.26 | 0.27 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Net fixed asset turnover
= (RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022)
÷ Net property, plant and equipment
= (3,732 + 4,521 + 5,032 + 5,914)
÷ 20,229 = 0.95
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue figures demonstrate notable volatility across the analyzed quarters. Initially, revenues ranged from around 2,780 to 3,394 million USD in 2018 and 2019, with a downward trajectory commencing in early 2019 and bottoming out by mid-2020 at approximately 1,661 million USD. A strong rebound is observed beginning in 2021, with revenues peaking in late 2021 and early 2022, reaching upwards of 5,997 million USD in the fourth quarter of 2022. However, this peak is followed by a decline in the first half of 2023, settling back near 3,700 to 4,500 million USD.
- Net Property, Plant, and Equipment (PP&E)
- This asset category shows a consistent upward trend throughout the period, indicating ongoing investments in fixed assets. Starting at approximately 12,878 million USD in early 2018, the book value steadily increases every quarter, surpassing 20,000 million USD by mid-2023. The growth rate appears steady without any significant contractions, implying continual capital expenditure or asset acquisitions.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio reveals an interesting dynamic over time. The available ratios start from 0.85 in late 2018 and show a declining pattern, dropping to a low point near 0.45 in late 2020 and early 2021, indicating lower efficiency in generating revenues from fixed assets during this interval. From 2021 onward, the ratio improves steadily, peaking around 1.15 by late 2022 before experiencing a slight decrease to 0.95 by mid-2023. This indicates improvements in asset utilization efficiency following a period of underperformance correlated with the revenue trough.
- Overall Insights
- The data suggests that the company's fixed asset base expanded continuously, while revenue generation faced significant pressures during the 2019-2020 period, possibly reflecting external market or operational challenges. The low fixed asset turnover during this period signifies less efficient use of assets, which improves notably post-2020 alongside revenue recovery. The revenue recovery and improved asset turnover ratio up to 2022 reflect strong performance, though recent quarters signal a moderation in growth or potential new challenges.
Total Asset Turnover
ONEOK Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 3,732) | 4,521) | 5,032) | 5,914) | 5,997) | 5,445) | 5,420) | 4,536) | 3,389) | 3,195) | 2,571) | 2,174) | 1,661) | 2,137) | 2,664) | 2,263) | 2,458) | 2,780) | 3,137) | 3,394) | 2,961) | 3,102) | |||||||
| Total assets | 24,038) | 24,464) | 24,379) | 24,439) | 24,527) | 23,993) | 23,622) | 23,872) | 23,437) | 23,180) | 23,079) | 22,781) | 22,992) | 21,969) | 21,812) | 21,336) | 19,752) | 18,934) | 18,232) | 17,911) | 16,914) | 16,432) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.80 | 0.88 | 0.92 | 0.93 | 0.87 | 0.78 | 0.70 | 0.57 | 0.48 | 0.41 | 0.37 | 0.38 | 0.38 | 0.43 | 0.47 | 0.50 | 0.60 | 0.65 | 0.69 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | 0.65 | 0.56 | 0.48 | 0.40 | 0.39 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | 0.51 | 0.41 | 0.34 | 0.27 | 0.30 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | 0.82 | 0.72 | 0.64 | 0.54 | 0.54 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 0.44 | 0.50 | 0.50 | 0.50 | 0.45 | 0.39 | 0.35 | 0.29 | 0.24 | 0.21 | 0.22 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Total asset turnover
= (RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022)
÷ Total assets
= (3,732 + 4,521 + 5,032 + 5,914)
÷ 24,038 = 0.80
2 Click competitor name to see calculations.
The financial data over the examined quarters reveals distinct trends in revenues, total assets, and total asset turnover for the company.
- Revenues
- Revenues exhibit a fluctuating pattern with a general growth trend in the later periods. Initially, revenues ranged from approximately $2.1 billion to $3.4 billion between early 2018 and late 2020, showing some volatility with notable declines during mid-2020 likely influenced by external factors. From early 2021 onwards, revenues increased significantly, peaking at over $5.4 billion in late 2021 and early 2022. Subsequently, there is a gradual decline in the most recent quarters, falling back below $4 billion by the middle of 2023. This suggests a period of strong growth followed by a partial contraction.
- Total Assets
- Total assets steadily increased over the entire period, starting at about $16.4 billion in early 2018 and growing to around $24 billion by mid-2023. This consistent increase indicates ongoing investment or asset accumulation by the company, despite minor fluctuations in some quarters. The asset base appears stable with incremental growth, reflecting possible expansion or capital expenditure activities.
- Total Asset Turnover
- Total asset turnover shows an initial downward trend from early 2018 through 2020, decreasing from around 0.69 to a low of 0.37-0.38. This decline suggests decreasing efficiency in generating revenues from assets during this timeframe. However, from early 2021, the ratio reverses, rising sharply to peak around 0.93 in late 2022 before declining slightly to 0.80 by mid-2023. The improvement implies enhanced asset utilization, possibly linked to higher revenues relative to asset levels during this recovery period.
In summary, the company experienced fluctuating revenues with substantial growth followed by a decline, steadily increasing total assets, and a total asset turnover ratio that first decreased and then improved markedly. These patterns indicate a phase of asset growth with initially declining revenue efficiency, later reversed by a period of revenue expansion and improved asset utilization, before a recent partial slowdown.
Equity Turnover
ONEOK Inc., equity turnover calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Revenues | 3,732) | 4,521) | 5,032) | 5,914) | 5,997) | 5,445) | 5,420) | 4,536) | 3,389) | 3,195) | 2,571) | 2,174) | 1,661) | 2,137) | 2,664) | 2,263) | 2,458) | 2,780) | 3,137) | 3,394) | 2,961) | 3,102) | |||||||
| Total ONEOK shareholders’ equity | 7,218) | 7,132) | 6,494) | 6,312) | 6,115) | 5,994) | 6,015) | 5,841) | 5,910) | 6,097) | 6,042) | 6,146) | 6,241) | 5,561) | 6,226) | 6,219) | 6,348) | 6,442) | 6,580) | 6,653) | 6,665) | 6,701) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 2.66 | 3.01 | 3.45 | 3.61 | 3.50 | 3.14 | 2.75 | 2.34 | 1.92 | 1.57 | 1.41 | 1.40 | 1.40 | 1.71 | 1.63 | 1.71 | 1.85 | 1.90 | 1.91 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | 1.12 | 0.99 | 0.87 | 0.73 | 0.72 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | 1.01 | 0.82 | 0.66 | 0.52 | 0.63 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | 1.64 | 1.50 | 1.35 | 1.15 | 1.14 | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 1.08 | 1.20 | 1.22 | 1.26 | 1.21 | 1.16 | 1.28 | 1.18 | 1.07 | 0.90 | 0.96 | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Equity turnover
= (RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022)
÷ Total ONEOK shareholders’ equity
= (3,732 + 4,521 + 5,032 + 5,914)
÷ 7,218 = 2.66
2 Click competitor name to see calculations.
The financial data reveals several notable trends in revenues, shareholders’ equity, and equity turnover ratios over the observed quarters.
- Revenues
- Revenues exhibited a fluctuating pattern throughout the periods. Initially, from March 2018 to December 2018, revenues ranged between approximately 2,961 million and 3,394 million US dollars, showing moderate volatility. From early 2019 to the end of 2020, revenues generally declined, reaching a low point near 1,661 million in June 2020, likely reflecting adverse conditions during this period. Subsequently, starting in 2021, revenues showed a strong recovery and an upward trend, peaking notably at 5,420 million in December 2021. Afterward, the revenues exhibited volatility but remained at elevated levels, fluctuating between approximately 3,732 million and 5,914 million through mid-2023. The overall trend indicates resilience and growth following a mid-period downturn.
- Total ONEOK Shareholders’ Equity
- Shareholders’ equity showed a gradual decline from March 2018 (around 6,701 million US dollars) to March 2020 (approximately 5,561 million), indicating a possible reduction in net assets or accumulated losses during this phase. After March 2020, shareholders' equity remained relatively stable with slight fluctuations but tended to increase modestly over time, reaching approximately 7,218 million by June 2023. This suggests strengthening of the equity base in the latter periods, which may be attributed to retained earnings or capital injections.
- Equity Turnover Ratio
- The equity turnover ratio data begins in March 2019, showing a downward trend from 1.91 to a low of 1.40 during 2019 and early 2020, coinciding with the declining revenue and equity periods. After mid-2020, the ratio increased consistently and quite significantly, achieving a peak of 3.61 around March 2023. Toward mid-2023, the ratio declined moderately to approximately 2.66. This increase in equity turnover reflects improved utilization of shareholders' equity to generate revenues, indicating operational efficiency gains and possibly higher asset productivity post-2020.
In summary, the data depicts an initial phase of contraction in revenues and equity, followed by a recovery phase marked by strong revenue growth and improved equity turnover. The equity base strengthened gradually after the downturn, supporting enhanced operational performance as reflected in increasing equity turnover ratios.